The cost of engagement rings could be set to skyrocket as diamond prices have taken off since Russia swarmed Ukraine.
Prices for High Street rings have already gone up by as much as ten per cent, but tailored pieces from top jewellers are set to rocket.
It’s all because the war has disrupted exports of uncut diamonds mined in Russia, sending shockwaves through the industry.
Experts said a more powerful dollar, the currency in which diamonds are purchased and marketed, and increases in other costs such as energy have also pushed costs higher.
Chris Wiley, manager at Madison, a jeweller in Hatton Garden, said many jewellers were scrambling to absorb inflated prices.
But he said diamond jewellery prices across the industry had generally increased by between five and ten per cent.
Ruth Donaldson, the owner of the bespoke jeweller Heirloom London, said the price rises were even more elevated at the top of the market.
She said that an item that cost £3,000 in January could be priced at as much as £3,400 now.
She said that it might mean that somebody is having to compromise on the spec of the diamond, while still getting the same size.
She added that people might shift to purchasing sapphires or other stones, which have become more widespread over the past few years.
The US levied embargoes on Russian diamond supplier Alrosa, which produces almost a third of the world’s uncut diamonds.
According to financial information service Bloomberg, that’s yielded a 20 per cent spike in rough diamond prices.
Tom Price, a commodities analyst at investment bank Liberum, said the deficit had been heightened by increased demand when lockdown restrictions finished, but he said that Russia’s diamond trade being marginalised expanded the lift.
Mr Price predicted increased prices could drop later in the year as Russia finds alternative buyers.
Not only have Russia and Ukraine corned the market in food and gas, and now it’s diamonds – what will be the next reason for price rises? We are well and truly being played on a grand scale.
Diamond pricing is a total scam that’s controlled by a monopoly. In reality, diamonds are as common as dirt, but their sale is being controlled, and there are many greedy traders that are going to the Ukraine crisis to raise costs and profits, it’s just another excuse to rip off the masses, it has absolutely nothing to do with the war.
Of course, the hardness of diamonds makes them especially suitable for an engagement ring because they wear and tear extremely well, as well as being the long-standing traditional rock for an engagement ring.
However, Corundum is also a hard stone and it is a gorgeous gem, the same as Rubies and Sapphires. Beryl isn’t as tough, but there are also Emeralds and Aquamarines.
There are also lab-grown diamonds that are more affordable and sparkle just the same as a real diamond, but I’m fairly sure that a diamond ring isn’t essential to life.
I’m reasonably sure that a diamond ring isn’t essential to life, and engagement rings don’t have to be diamonds.
People can’t afford to heat their homes, let alone think about buying diamonds.
There are plenty of other stones available for engagement rings, but people tend to follow the herd. What about being different?
Cartels control and manipulate prices on all natural resources, not just diamonds, and if we looked into it the list would be exceedingly long.
There isn’t a lack of diamonds, but the cost is regulated so prices are kept artificially high, but now the excuse is Ukraine, but diamonds don’t just come from Russia.
THE MONTHLY MOSQUITO 